The Latest Comments That Have Everyone Worried The ECB Won't Deliver

Investors continue to debate the importance of
European Central Bank President Mario Draghi's promises to
"do whatever it takes" to save the euro.

In particular, he hinted that new crisis-averting measures were
coming from the ECB, in conjunction with important decisions by
EU leaders.

But revelations that a full seven members of the ECB's 23-member
Governing Council
did not immediately agree with Draghi's bond-buying program
suggest that the central banker could have difficulty actually
implementing his policies.

"It makes no sense for the ECB to start financing those
countries...It would only lead to the ECB taking on the whole
public debt of Spain and Italy onto its balance sheet. That would
in turn weaken the ECB and do nothing to resolve the underlying
problems...

"We all agree specific conditions must be met before
we can intervene. About those conditions, the ECB board members
do have different opinions from time to time."

Admittedly, this statement taken alone misconstrues the broader
content of Coene's interview. He went on to qualify that it is
important for the ECB to keep market pressure on EU leaders in
order to make them act. So it would seem that Coene doesn't
completely oppose the idea of ECB bond purchases.

Nonetheless, he said, ECB bond purchases would only have a
"short-lived effect," and that market angst "will stop only when
there’s no more Spanish and Italian bonds in the market."

While Coene's comments still suggest that moves are coming from
the ECB, he came off as unconvinced that these measures will
really do anything. Thus, it's wise to doubt the real power
behind what some had hoped was to be an ECB "bazooka."

What's more, Coene's comments confirm that disagreement is rife
at the ECB. While such opposition seems to be coming from a
minority of Governing Council members, doubtful comments such as
Coene's will likely diminish the symbolic effect of any ECB
action as marking any kind of turning point in the crisis.